After months of destructive wrangling Congress agreed on a new pandemic relief bill.
It’s flawed. It botched unemployment aid and the new round of checks for individuals, and it contains tens of billions of dollars in pork spending.
But it does provide needed additional assistance for small businesses. It helps craft brewers, distilleries and wineries by keeping them from getting hit with big tax increases at year’s end. It helps beleaguered restaurants by permitting businesses to deduct meals. Certain industries, such as airlines, get direct grants to stay aloft.
A very big plus of the legislation is that it bars the Federal Reserve from trying to extend its emergency lending facilities beyond December 31 without express congressional approval. Democrats and the Fed were hoping to sidestep Congress and have our central bank bailout such financially mismanaged states as New York, New Jersey, Illinois and California.
But this is not a true stimulus measure. A real one would have contained big personal and business tax cuts like those enacted by Presidents John Kennedy and Ronald Reagan.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.